Foreign Investment in Property Industry Guidelines

I. Foreign institutions and individuals who invest in the territory of non-occupied real estate, it should be in accordance with foreign investment in real estate the relevant provisions that apply for the establishment of foreign-invested enterprises; obtain approval from relevant departments and the relevant registration before engaging in that approved business scope and its related businesses.

II. For foreign-invested real estate enterprises, a total investment of over 10 million U.S. dollars (including $ 10 million U.S. dollars), the registered capital must not be less than 50% of the total investment. Total investment for less than $ 10 million U.S., the registered capital should be based upon the current provisions.

III. For establishment of foreign-invested real estate enterprises, the Commerce Department and the Industrial and Commercial Administrative organs approves the establishment and registration, issuing a one-year "Foreign Investment Enterprise Approval Certificate" and "Business License”. "Companies that pay the land use rights premium, with the license to bid for the land administration department”, "State-owned Land Use Certificate", according to the "State-owned Land Use Certificate" to the Commerce Department for official renewal of the "Foreign Investment Enterprise Approval Certificate", and then to the Industrial and Commercial Administrative organs renewal and "Outside Invested Enterprise Approval Certificate" with operating period be consistent with the "Business License", then go to the tax authorities for tax registration.